UK biotech calls for "mass market" citizens' innovation funds

3 September 2012

The outlook for the UK economy remains flat and innovative small- and medium-sized enterprises (SMEs) continue to face a squeeze on funding, says the UK BioIndustry Association (BIA), which today publishes a new report detailing a scheme to enable the British public to support the innovative businesses that will drive the nation's future economic growth.

In the report, titled Citizens' Innovation Funds - Engaging the public with UK innovation, new figures estimate that £300 million ($476.5 million) of investment could be unlocked a year from the scheme creating over 1,500 new jobs in the knowledge economy.

The introduction of Citizens' Innovation Funds (CIFs), which are a tax-advantaged investment scheme, would unleash the patriotic potential of the general public by offering an opportunity to invest in innovative UK companies, says the BIA. The CIF concept is based on the successful French scheme - Fonds Communs de Placements dans l'Innovation (FCPI) - which has raised over 6 billion euros ($7.56 billion) since 1997 and invested in more than 1,000 innovative companies.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK





Today's issue

Company Spotlight





More Features in Biotechnology